ODFC Hammersmith

09/04/2024

ECONOMIC CRIME AND CORPORATE TRANSPARENCY ACT, 2023

The UK has one of the world’s largest and most open economies, making it an attractive place for global business. However, this same openness exposes the UK to the risk of bad actors taking advantage, including to perpetrate fraud and money laundering, which, in turn, funds serious and organised crime here in the UK, and facilitates corruption overseas. The threat of undermines legitimate business and impacts on everyday society and all citizens’ lives.

The Economic Crime (Transparency and Enforcement) Act (the “ Act”).

• Allowed the Government to move faster and harder when imposing sanctions.

• Created a Register of Overseas Entities to help crack down on foreign criminals using UK property to launder money.

• Reformed and strengthened the UK’s Unexplained Wealth Order regime to better support law enforcement investigations.

The Government has now brought forward further legislation to deliver a suite of wider-ranging reforms to tackle economic crime and improve transparency over corporate entities. The Economic Crime and Corporate Transparency Act 2023 will deliver:

1) Reforms to .

2) Reforms to prevent the abuse of limited partnerships.

3) Additional powers to seize and recover suspected criminal cryptoassets.

4) Reforms to give businesses more confidence to share information in order to tackle money laundering and other economic crime.

5) New intelligence gathering powers for law enforcement and removal of nugatory burdens on business.

🔖 -

The will provide additional powers to law enforcement so they are able to more quickly and easily seize and recover cryptoassets which are the proceeds of crime or associated with illicit activity such as money laundering, fraud and attacks.

The Act will: • Principally amend both criminal confiscation powers in Parts 2, 3 and 4 of the Proceeds of Crime Act 2002 ( ) and civil recovery powers in Part 5 of POCA to enable enforcement agencies to more effectively tackle criminal use of cryptoassets.

🔖 Legislation:

The Act will strengthen anti-money laundering powers, enabling better information sharing on suspected money laundering, fraud and other economic crimes.

The reforms will:

• Enable businesses in certain situations to share information more easily for the purposes of preventing, investigating or detecting economic crime by disapplying civil liability for breaches of confidentiality for firms who share information to combat economic crime.

• Enable proactive intelligence gathering by law enforcement and strengthening the National Crime Agency’s Unit’s ( ) ability to obtain information from businesses relating to money laundering and by removing the requirement for a pre-existing Report (SAR) to have been submitted before an Information Order (IO) can be made.

• Focus private sector and law enforcement resources on high value activity, reducing the reporting burden on businesses and enabling greater prioritisation of law enforcement resource by expanding the types of case in which businesses can deal with clients’ property without having to first submit a Defence Against Money Laundering ( ) SAR.



Helpdesk
Email 📬 [email protected]
Chat📱

27/03/2024

*Indians are among the highest number of in London*

YES, you heard it right! If you want to become one among those and like to be a in London then here are eight key points to get you started:

🔖 Stamp Duty Land Tax ( ):

SDLT is a tax paid when purchasing property in the UK. Different rates apply for residential and commercial properties, as well as for first-time buyers and additional properties. Make sure to factor this into your budget when purchasing a property.

🔖 Income Tax on Rental Income:

earned from is subject to UK income tax. Non-resident landlords have different tax rules compared to residents. Non-residents may need to pay tax on gross rental income or have the option to pay tax on net rental income after allowable expenses.

🔖 Non-Resident Landlord Scheme ( ):

If you are a non-resident landlord (living outside the UK), you need to register with the NRLS. The or tenant usually withholds tax from the rental income and pays it directly to HM Revenue & Customs ( ) unless HMRC agrees that you can receive your rental income gross.

🔖 ( ):

When you sell a property in the UK, you may be liable to pay CGT on any profit made. The rate depends on various factors, including your residency status and the amount of gain. Principal private residence relief may apply if the property has been your main residence.

🔖 Inheritance Tax ( ):

If you own property in the UK, it may be subject to UK upon your death. However, there are exemptions and reliefs available, and tax treaties between India and the UK may provide relief from .

🔖 Tax Treaties:

India and the UK have a double taxation avoidance agreement ( ) to prevent double taxation on the same income. Understanding the provisions of this agreement can help in optimizing your tax liability.

🔖 Structuring :

Depending on your circumstances and investment goals, you may want to consider different ownership structures, such as owning the property individually, through a company, or via a trust. Each structure has different tax implications.

🔖 Expert Advice from :

Given the complexity of international tax laws, it’s important to seek advice from professionals who are knowledgeable about both Indian and . They can help you navigate the intricacies and ensure compliance while minimising your tax burden. Always keep yourself updated with on the latest regulations and seek personalised advice from OZGiAN tailored to your specific situation before making any investment decisions.

Email: 📨 [email protected]
Chat 24x7

The Digital Assets Management 👑 ODFC 🇬🇧 London ✉️ [email protected]